Reserve Bank of India on Thursday has accorded approval to our bank...
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1.6 crore customer records of HDFC Life being sold on Dark Web: CyberPeace
The leaked data reportedly contains sensitive customer information,...
Insurers seek zero-coupon bonds to manage long-term risks
Zero-coupon bonds could help insurance companies better manage...
HDFC Life seeks shareholders approval to share issue to Exide Industries
Last Friday, HDFC Life announced the deal to acquire 100 per cent stake, representing 185 crore shares in Exide Life by way of cash and preference issue of shares to Exide Industries.
LIC deploys IDBI Intech’s Anti Money Laundering solution
IDBI Intech has made steady investments in the latest industry solutions for the BFSI sector, with cutting-edge technology, customer satisfaction and market demands as top priorities. The next generation technologies currently being leveraged include Blockchain, Cybersecurity, Artificial Intelligence and Machine Learning.
‘Hiving off insurance biz to reinforce focus on core activity in battery segment’:Exide
One in every two families paid over Rs 750 for COVID antibody test in India: Survey
According to the survey, 29 per cent of the respondents said they paid Rs 1,000 or more during their COVID antibody test. Further, 21 per cent said they paid between Rs 750-1000 and 14 per cent said they paid between Rs 500-750.
While, 24 per cent said they paid Rs 250-500 and 7 per cent said they paid less than Rs 250. 5 per cent respondents did not say anything. “On an aggregate basis, 50 per cent of citizens who got a COVID antibody test done paid over Rs 750 for it,” said LocalCircles release.
Govt invites bids for second time from law firms for LIC IPO
The government is also mulling allowing foreign investors to pick up stakes in the country’s largest insurer. As per Sebi rules, foreign portfolio investors (FPIs) are permitted to buy shares in a public offer.However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.
LIC picks up nearly 4 pc stake in Bank of India through open market transaction
LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021, Bank of India said in a regulatory filing.
Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank.
Indian insurance sector: Shakeout or promoter exits to happen?
According to Exide Industries, it has invested a total of Rs 1,679.59 crore in Exide Life, a wholly-owned subsidiary and in turn, gets a value of Rs 6,687 crore on the sale.
Exide Life is the second life insurance company to be sold after AMP Sanmar Life Insurance was sold to Reliance Life Insurance, now Reliance Nippon Life Insurance.
The general insurance sector saw stake sale/purchase last year. Paytm acquired Raheja QBE, HDFC Ergo acquired Apollo Munich, Sachin Bansal bought DHFL General Insurance, and Bharti Axa General was acquired by ICICI Lombard.
HDFC Life to acquire Exide Life for Rs 6,687 crore
The embedded value of Exide Life, as on 30th June 2021, is Rs. 2,711 crore will augment the existing embedded value of HDFC Life by approximately 10% Proposed transaction will accelerate the growth of Agency business of HDFC Life as well as strengthen other distribution channels including Broker, Direct and Co-operative Banks Complementary geographical presence with a strong foothold in South India, especially in Tier 2 and Tier 3 locations
Customers to benefit from stronger product suite, wider distribution network and more service touch points
▪ Synergies to enhance shareholder value with potential to improve new business margins via operating leverage and
product mix optimisation
India logs 41,965 new COVID-19 cases
With 1.33 crore COVID-19 vaccine doses being administered on Tuesday, the highest ever in a single day, the cumulative doses given in the country under the vaccination drive has exceeded 65.41 crores, according to the ministry.
20 APAC re/insurers record a higher premium of $821.4bn in 2020, COVID induces demand for life & health products, GlobalData
Seven players reported more than 5% rise in premiums earned. In addition, the top companies maintained financial robustness through flexible hedging of assets under management.The most notable performers in the region were Japan-based insurer Dai-ichi Life, China-based New China Life Insurance and China Reinsurance; and Taiwan-based Cathay Financial.Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20%, as the weaker Yen allowed the company’s returns from its investments soar significantly over the previous year.
China Reinsurance reported 19.2% increase in y-o-y revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2% growth in premium income; and obtaining surplus investment returns by surpassing the market benchmarks.